Because I can’t see every room through the windows?
I’m not about to enter somebodies backyard in a bad neighborhood and shine a flashlight through the window. Maybe in the near future, but not now.
That inspection contingency is a good idea.
Ha!! ’ intensive mental rehab and regrouping’ I’m beyond that kind of help.
I have my eyes open. I realize that the likelihood of Redstar pulling the trigger is the same as Obama giving up on Islam, but Redstar’s questions keeps my typing skills sharp. :beer
I just sold my Lexus so that I have money to put on a hard money loan to rehab a house.
I also bought car magnets for my truck that say “We Buy Houses,” and have bandit signs coming in the mail.
I think only an idiot would do something that he didn’t fully understand or wasn’t prepared for.
There is no action I can take. Hang up bandit signs? Well, they’re in the mail.
I have an appointment with a realtor to see 10 houses, and I’m not going to rely on just peeking in the windows to see what repairs need to be done. What would it look like if I went up to a random house and climbed on the roof? Is that even legal? How do I know if it even has a water heater if I can’t see it through the window?
You’ve done all you can?
Have you drove around looking for vacants, then contacting the owners? Have you went to the courthouse and searched through the new probate files (I used to do this with moderate success), have you attended any REIA meetings? Found a mentor? Contacted FSBO’s? Had your realtor send you expired listings, then contact them? Read any books on marketing, wholesaling, rehabbing? Ran Craigslist ads looking for bird dogs? Ran “We Buy Houses” Craigslist ads? Printed up fliers and out them on bulletin boards?
Dont respond by asking details about any of these, or that they’re a waste of time. If you haven’t done these things then you haven’t done all you can do until your signs arrive…
What’s the best way to find FSBO’s?
Bird dogs, Bandit signs, Direct mail, driving mid and lower income neighborhoods, handing out brochures at job fairs, handing out brochures at the Walmart parking lot, putting fliers on cars at the shopping centers, walking neighborhoods and putting up door knob hangers, advertising on Craig’s List and social media, handing out business cards to everybody you see, calling for rent ads,
stopping at yard sales and asking do you know someone selling their house, using Radio and TV and Billboards, Checking tax, delinquents, code violations, divorces, bankruptcies, evictions, ect ect and on and on.
But why do I bother, you wont be doing any of these.
I’ll be in my cave sharpening my spear for my next moose hunt.
Rando
Yea cause I’m gonna spend my life in the WalMart parking lot wasting money on business cards to hand out.
Why did you fail when you tried to rehab?
Maybe you already answered this, but what training have you purchased? I ask, because the questions you ask would be answered in 95% of the wholesaling, or rehabbing courses available here on the reiclub.com.
Not to mention receiving accessing a more organized approach to learning about this business, than asking 5,003 miscellaneous, repetitive questions on this forum.
Me an my buddy got an incredible deal on a duplex from a Realtor for 22K Somebody had torn the roof off and then it rained, so we had to put a roof on it first and then gut the place. It was in a bad area, had a flat roof, my buddy and I did everything cept the hot tar mop roofing.
Everything was great, got good tenants. But then that damn flat roof started leaking, renters wudnt pay and kept moving out and we kept patching the roof, this went on for awhile, finally I gave it to my buddy and walked away. And was happy to get out from under it without costing me money, just 3 months of my life doing the rehab.
It seems like it has been a year since you first started asking all ur questions, when will you take action?
That’s not a fix and flip. That’s a fix and rent.
I already have taken lots of action.
I’ve finally figured it out. Redstar is a troll. Don’t feed him anymore.
I should be like you and make $200/month doing sub2 → owner finance. That’s not even worth the time.
That’s pretty cocky for someone whose done zero deals.
What about the $10-20K I typically get as a down payment? What about the $20-40K as back end profit on each deal?
Come back when you make a dime…
Oh yea the down payment. I forgot about that. That actually sounds fun, now.
I should be like you and make $200/month doing sub2 --> owner finance. That's not even worth the time.
Oh yea the down payment. I forgot about that.
Redstar1234, I am beginning to wonder if you are taking any of the information that has been provided to you into consideration. You need to take the information that has been freely provided to you by the experts and do something with it.
Do you actually think that you have earned the right to critique others?
Make something happen. Quit looking for ways to circumvent the system. Get in there, get dirty, bloody, put what you have been provided by the experts, into action.
I saw a post from you earlier about how it is cheaper for you to make your signs than to buy them. You have spent so much time in the analysis stage that you apparently want to find reasons NOT to act.
While the materials for signs may be less expensive have you taken into account the value of your personal time spent putting them together? Wouldn’t your time be better spent out there looking for deals?
C’mon Redstar…sh#t or get off the pot.
I’m seeing 10 houses with a realtor on Wednesday. I’m even bringing a 24 foot extension ladder so I can get on the roof. I plan to do most, or all, of the rehab myself. That is getting dirty. I will hire “handymen” to do everything instead of contractors. The only thing I might consider hiring a contractor for is advanced electrical because I don’t think I could supervise that to make sure it’s done safely and I don’t want anyone’s life on my hands if their new circuit panel burns their house down. But honestly, within 6 months, I will probably be able to install new circuit panels myself.
I think that is a much better course of action than handing out business cards at Wal-Mart.
A lot of this is just figuring out what my options are. A month ago, I didn’t even know what sub2 meant. Last week, I didn’t even know cabinets were made out of base units and wall units, etc.
Wholesaling doesn’t make sense to me as a primary method. Maybe I could do it on the side, but I think I can rehab a house in two weeks and make all that profit. If I get any calls for houses that don’t need rehab, I can take them over and owner finance them and collect that down payment.
As far as renting single-family homes, I don’t want to just not do it and call myself a quitter, but $300/month isn’t worth all the trouble of fixing toilets and going to the courthouse. Apartment investing? That might be worth considering, as well as hotels. But that’s for the future, not now.
Plus, the fact that I just now for the first time in my life have over $20,000 in the bank and thus have money to do these things. $8.00/piece bandit signs cost a lot of money. $800 for a box of 100.
And I’m sure you will tell me that I’ll make it back on the first house. That’s great, but I didn’t get any calls last time. I just got my signs taken down by some douchebag. Hopefully douchebags don’t have stepladders or I will be wasting money once again.
Where did you buy the bandit signs from? Banditsigns.com has them for $1.89 a piece in quantities of 100 or more.
No they don’t. They have them for $1.99 at a quantity of 200.